Remove drop shadow from label?
The more direct fix is to make your outer material have a mask between the metallic label, and the glass or whatever sub-material it lays upon. This also lets you skip the Shrinkwrap modifier because it uses the UV coordinates to wrap the texture around the object.

For example:

This will blend the Metallic and Color Principled shaders depending on the strength of your mask. In my case, I had a zig zag pattern lying around:



This way you have less geometry, you have very sharp control over the position &amp; pattern using the same image texture as before, and you can make changes on the same material graph.